Indian DRI, billet and re-bar update - 13' July

India's induction furnace (IF) steel market witnessed a negative trend in prices on 13 July, 2023, with offers floated by mills dropping up to INR 350/tonne (t) compared to yesterday.

Sponge iron prices decreased in the range of INR 50-150/t, with the highest fall seen in the Durgapur market.

Billet prices fell in the range of INR 100-350/t and the steepest drop was seen in Raigarh.

Rebar (Fe 500) offers also moved down by INR 100-300/t, with the Raipur market witnessing the sharpest decline in prices.

Demand for sponge iron took a beating amid gloomy market sentiments. Poor movement of finished steel was a key reason behind low trade volumes today.

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SteelMint's price assessment (Region wise)